Economic Developments Report for November 2024

This document is an economic developments report for November 2024, detailing various forecasts and revisions related to GDP growth, inflation, and housing market trends. The report projects GDP growth rates of 2.4 percent for 2024 and 2.1 percent for 2025, with a forecast of 2.2 percent for 2026. It also revises the inflation outlook, expecting a Consumer Price Index (CPI) inflation rate of 2.6 percent year-over-year in Q4 2024, while core inflation is anticipated to drift down towards the Federal Reserve's target by 2026. The report indicates a significant upward revision in mortgage rate forecasts, projecting rates to reach 6.6 percent by the end of 2024. Consequently, total home sales forecasts have been downgraded to 4.71 million for 2024. The document also discusses labor market conditions and the impact of recent economic data on future forecasts, including potential policy changes following the November election.